The Avalanche price analysis is slightly on the bullish side, but the coin has been struggling around the $17 range today. The coin received some support today after being in decline since April 19, 2023, when the cryptocurrency market imploded, although price movement has been g...
The Avalanche price analysis is slightly on the bullish side, but the coin has been struggling around the $17 range today. The coin received some support today after being in decline since April 19, 2023, when the cryptocurrency market imploded, although price movement has been gradual. The market is still under negative pressure, and the altcoin is feeling the heat of the selling, so the rebound is gradual. By today’s late hours, the market mood may start shifting in the right direction.
AVAX/USD 1-day price chart: price recovers but bulls lack the momentum
The 1-day Avalanche price analysis shows the price function is now headed upwards as the candlestick is green, and the coin is trading hands at $17.04 at the time of writing. Up until now, there hasn’t been as much of an upward trend, but bulls are starting to recover, so perhaps the price will rise more over the day. Given that the price function stayed downward yesterday, the coin has lost 5.40 percent over the past day and 10.65 percent over the past week. This is because the present price levels are quite low when compared to the price levels at the beginning of the week.
The volatility is high for AVAX, as the Bollinger bands are expanded. The upper band is at the $20.7 mark, representing resistance, and the lower band is at the $16.20 mark. The average of Bollinger bands is at $18.40, below the moving average (MA) value, which is at the $19 mark above the price level. The relative strength index (RSI) is trading in the lower half of the neutral zone at index 42. The curve of the RSI is almost horizontal with a slight upward inclination, hinting at competition between both sides of the market.
Avalanche price analysis: Recent developments and further technical indications
The 4-hour Avalanche price analysis shows the price breakout was upwards, and the price reached the $17.04 level, but the coin is facing selling pressure again, and the price function has been moving downwards again as bears are at the lead again and the coin is struggling to maintain its price level.
The volatility is high for AVAX on the 4-hour chart, as the Bollinger bands are covering more area. The upper band is at the $20.89 mark, and the lower band is at the $16.33 mark. The average of Bollinger bands is at $18.61, representing resistance for the AVAX/USD. The moving average (MA) is at the $17.6 mark above the price level. The relative strength index (RSI) is trading in the underbought region at index 24, and the RSI curve is turning downwards again, hinting at selling activity in the market.
Avalanche price analysis: Conclusion
The cryptocurrency is currently experiencing selling pressure, according to the Avalanche price analysis, but today’s price function has somewhat improved because the bulls are struggling to overcome this level. If the bullish support holds, we anticipate AVAX to increase its recovery in the hours to come. But a notable breakthrough is not expected today, as the bullish momentum is still weak and may gain some traction in the next trading session.